Prime

Deacons expansion on ice as profit set to fall

Tuesday, January 03, 2017 — updated on December 12, 2020 - 3 min read

A customer shops at a Deacons outlet. The firm's 2016 profits will fall by at least a quarter, meaning that it will not exceed Sh85.4 million. PHOTO | FILE

Nairobi Securities Exchange (NSE)-listed fashion retailer Deacons has hit the brakes on expansion plans after it issued a profit warning for the year to December 2016 attributed to depressed Christmas sales and delays in opening its stores at The Hub in Karen and Two Rivers.

Deacons, which operates in Kenya, Rwanda, Mauritius and Uganda, says it expects last year’s profits to drop by at least a quarter, indicating that they will not exceed Sh85.4 million going by last year’s numbers.